The Future Factories Program aims to transform over 4,000 factories into advanced and higher-quality industries. And to work with the Future Factories Program to implement, MODON signed a memorandum of understanding with OXAGON, the home to advanced and clean industries in NEOM.
Saudi Arabia has launched an initiative to transform existing factories into advanced higher-quality industries. An MoU (Memorandum of Understanding) was signed by the only Saudi Ministry of Industry and Mineral Resources and the Saudi Authority for Industrial Cities and Technology Zones to implement the Future Factories Program with OXAGON, the location of advanced and clean industries in NEOM.
It is part of a broader effort to enhance the national economy by building strong businesses, strengthening the industrial ecosystem, creating a more favorable business environment, and reducing obstacles to investment.
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The Ministry of Commerce and Investment (MOICI) is spearheading this initiative, which aims to create a more favorable business environment for investors and promote local manufacturing by reforming existing industries through new technologies.
The Future Factories Program aims to transform more than 4,000 factories into advanced and higher-quality industries through automation and improved efficiency, boosting global competitiveness. It does this by evaluating the factories’ Smart Industry Readiness Index (SIRI) and analyzing their operational readiness.
By removing obstacles to industrial innovation in the Kingdom, the MoU aims to create regulations, incentives, and enablers to promote the Program. Experts from all sides will examine how well-prepared the sector is for integrating cutting-edge manufacturing technologies like 3D printing, artificial intelligence, and the Internet of Things (IoT) into manufacturing sectors.
According to Osama al-Zamil, deputy minister of industry and mineral resources, the agreement created the foundation for putting the Future of Factories into practice. According to Zamil, the Ministry’s objectives align with those of Vision 2030 and include increasing the competitiveness of regional sectors and providing major work opportunities for Saudi youth in important fields.
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We support domestic manufacturing, upgrade existing facilities to meet top-notch standards, and build cutting-edge production facilities that ensure improved productivity and efficiency. Innovators at the forefront of cutting-edge business and technology, NEOM and OXAGON, are in a prime position to spur new ventures and the next wave of Saudi talent.
According to NEOM CEO Nadhmi al-Nasr, the memorandum constitutes an important milestone to realize the signatories’ shared aspirations to sustainably future-proof businesses and promote economic diversity throughout the nation. OXAGON, which will run entirely on renewable energy, heralds the future of the advanced clean industry.
Nasr said, “We will use our substantial combined resources and abilities to build such industries for the Kingdom and the globe, working closely with the Ministry of Industry and Mineral Resources along with the MODON, with whom we have close relationships. A sustainable industrial blueprint for the entire world is something that OXAGON CEO Vishal Wanchoo stressed the company is constantly looking to improve.
Future industries will be able to avoid environmental damage while maintaining efficiency and profitability thanks to OXAGON’s combination of cutting-edge approaches from Industry 4.0, use of only renewable energy, and circular economy concepts, according to Wanchoo.
He said the local industry would need significant help during this crucial transformation, and the Advanced and Clean Manufacturing Improvement Tool would be important in providing it.
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A collaborative working group between OXAGON and MODON will be established to create an implementation strategy over the coming months. The creation of a policy program and business models will be prioritized in the effort to build new industries.
OXAGON, a new paradigm introduced in November, is one in which people, businesses, and technology coexist peacefully with nature. It will house NEOM’s sophisticated and clean businesses, a hub for research and innovation, an automated and integrated port, a supply chain network, and several vibrant neighborhoods.
This whole initiative is a part of a broader effort to enhance the national economy by building strong businesses, strengthening the industrial ecosystem, creating a more favorable business environment, and reducing obstacles to investment. It will encourage economic growth and make economic transformation sustainable in the long run.
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